Selling foreign investment property

[Matthew Purvis]

Hello BP,

I am looking for advise.

I am in the process of listing my investment property in Canada for sale. I will be making a profit on it and I am looking to keep as much of the profit as possible. Of course the property will be sold in Canadian dollar and as of today the exchange rate is $1 US = $1.16 Canadian. So right off the bat I will be losing 16 cents on the dollar when I bring the money south of the boarder. I will also be paying Canadian taxes on the property when sold and filling Canadian taxes for 2021.

My question is how much will Uncle Sam want of the profit? Is there a way to not lose a bunch of money in taxes?

Thank you for the insight,

Matt